Download or read book The Bank of Canada s Monetary Policy Framework written by Ms.Brenda Gonzalez-Hermosillo and published by International Monetary Fund. This book was released on 1997-12-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years the Bank of Canada has made important changes in the way it conducts monetary policy. In particular, the bank has adopted explicit inflation targets and introduced significant changes to its operational framework designed to increase transparency and reduce market uncertainty. This paper examines the key issues associated with the recent changes in the Bank of Canada’s monetary policy framework and analyzes various indicators of central bank credibility.
Download or read book The Transmission of Monetary Policy in Canada written by Bank of Canada and published by The Bank. This book was released on 1996 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transmission mechanism for Canadian monetary policy is the chain of developments that begins with the Bank of Canada's actions in adjusting the supply of settlement balances to financial institutions, traces the effects of these actions on financial markets, and works through the resulting changes in spending, production, employment, and prices. This compilation of papers focuses on the early part of the transmission mechanism: the path between the actions of the Bank of Canada and financial market outcomes. The first paper describes all the stages of the transmission mechanism. This is followed by papers on the implementation of monetary policy by the Bank, including cash management and buy-back techniques; the effect of eliminating reserve requirements; the use of monetary conditions indicators; the links among interest rates, exchange rates, total spending, and inflation; the role of economic projections in monetary policy formulation; and Bank of Canada operations in financial markets.
Download or read book Monetary Policy Report written by Bank of Canada and published by . This book was released on 2000 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Towards North American Monetary Union written by Eric Helleiner and published by McGill-Queen's Press - MQUP. This book was released on 2006 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many believe that Canada's deepening economic integration with the United States and the worldwide trend towards currency blocs will eventually lead to a North American monetary union. In the first detailed analysis of Canadian exchange rate politics, Eric Helleiner challenges this view.Helleiner finds little support in the US for the concessions that would be necessary to make a North American monetary union palatable in Canada. Comparing the US Federal Reserve and the European Monetary Union, he argues that Canada would exercise far less influence within a North American monetary union than individual countries do within the European community. He also analyses the seemingly paradoxical support of Quebec sovereignists for free trade and monetary union.Towards North American Monetary Union'explores Canada's unusually strong commitment throughout the twentieth century to a floating exchange rate for its national currency - a commitment that Heilleiner argues is likely to endure.
Download or read book How to Improve Inflation Targeting in Canada written by Mr.Maurice Obstfeld and published by International Monetary Fund. This book was released on 2016-09-26 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Routine publication of the forecast path for the policy interest rate (i.e. “conventional forward guidance”) would improve the transparency of monetary policy. It would also improve policy effectiveness through its influence on expectations, particularly when there is a risk of low inflation, and the policy rate is constrained by the effective lower bound. Model simulations indicate that a potent macroeconomic strategy, for returning the Canadian economy to potential, combines conventional forward guidance with a fiscal stimulus. As a response to the effective lower bound constraint, and the decline in the world equilibrium real interest rate, this strategy is preferable to raising the inflation target.
Download or read book Where We Go from Here written by John Grant and published by . This book was released on 1997 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents papers and commentary from a conference that focuses on the future of monetary policy in Canada. The papers discuss the benefits and costs of low inflation as well as broad questions concerning the governance of the Bank of Canada and the evolving technical framework in terms of which the Bank designs and executes its policies. Topics of the papers include monetary policy and inflation control, inflation targets and the balance between central bank autonomy and accountability, and monetary policy issues.
Download or read book Two Percent Target written by David E. W. Laidler and published by Institut C.D. Howe. This book was released on 2004 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the transition from the decades of high & volatile inflation of the 1970s & 1980s to the stable monetary environment of the 1990s and documents the role of monetary policy in bringing about this transition. Part I reviews Canadian monetary policy and its background since the early 1990s, and ends with an overview of the evolution of the debates surrounding monetary policy and inflation. Part II begins with discussion of central banking in general and its development in Canada in particular. It then looks at the economics of monetary policy: what it can & cannot do and how changes in the stance of the central bank work their way through the economy. It ends by discussing how monetary & fiscal policy interact and the nature of democratic control over the central bank. Part III examines the experience of the past decade related to the conduct of monetary policy in the context of international & domestic economic developments. It also details the framework for monetary policy in Canada as well as the major changes in the Bank of Canada's operating procedures since the early 1990s. The final part draws some conclusions from recent Canadian experience with low inflation, assesses alternatives to current monetary policy arrangements, and speculates about directions for such arrangements in the years ahead.
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Download or read book How Monetary Policy Works written by Lavan Mahadeva and published by Routledge. This book was released on 2004-08-02 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.
Download or read book Unconventional Monetary Policy in a Small Open Economy written by Margaux MacDonald and published by International Monetary Fund. This book was released on 2017-12-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effects of unconventional monetary policy in a small open economy. Using recently proposed shadow interest rates to capture unconventional monetary policy at the zero lower bound (ZLB) we estimate a Bayesian structural vector autoregressive model for Canada - a useful case where foreign shocks can be proxied by U.S. variables alone. We find that, during the ZLB period, Canadian unconventional monetary policy increased output (measured by industrial production) by 0.013 percent per month on average while US unconventional monetary policy raised Canadian output by 0.127 percent per month on average. Our results demonstrate the effectiveness of domestic unconventional monetary policy and the strong positive spillover effects that foreign unconventional monetary policies can have in a small open economy.
Download or read book The Canadian Quandary written by Harry G. Johnson and published by McGill-Queen's Press - MQUP. This book was released on 2005 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: Harry G. Johnson is best known as one of Canada's most respected economists, particularly for his research on international trade and finance and monetary policy. But Johnson was also a prolific and influential public intellectual. A sharp and popular polemicist, he wrote on a wide range of subjects, from advertising to affluence to foreign investment, and was published in Punch and The Spectator as well as all the leading economic journals. The Canadian Quandary is a collection of "unbuttoned" pieces written in Johnson's witty and acerbic style between 1958 and 1963. Focusing on Canadian policy on trade and foreign policy, the volume includes Johnson's classic dismemberment of the Canadian nationalist movement. Although Trudeau's Foreign Investment Review Agency and National Energy Policy have been dismantled, economic nationalism persists; it is a testament to both the lucidity of Johnson's mind and the vigour and clarity of his writing that many of his opinions on this debate remain fresh, interesting, and relevant. William Watson's introduction provides an intriguing look at Johnson's life and work.
Download or read book Money and Banking in Canada written by Edward Peter Neufeld and published by McGill-Queen's Press - MQUP. This book was released on 1964 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2007 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Download or read book A History of the Canadian Dollar written by James Powell and published by . This book was released on 2005 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-06-24 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
Download or read book Economic Analysis Canadian Policy written by David Stager and published by Elsevier. This book was released on 2013-09-24 with total page 690 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Analysis & Canadian Policy: Seventh Edition deals with concepts and theories in economics and its relation to Canadian economic policies. The book is divided into two parts. Part I is a general overview of economics and includes topics such as basic economic decisions, economic policies and analysis, supply and demand, market price, and the role of the government in the economy. Part II deals with the Canadian economy - its economic goals, economic growth, and national income; its banking systems; its fiscal policy, public debt, and budget deficit; and international trade policies, patterns, and rationale. Part III covers consumer demand, production costs, supply, market competition, and market structure. Part IV talks about labor market and wages, income distribution in Canada, and regional income disparity. The text is recommended for economists and financial analysts, especially those who would like to study about Canada's economy and its policies.
Download or read book Monetary and Fiscal Thought and Policy in Canada 1919 1939 written by Irving Brecher and published by University of Toronto Press. This book was released on 1957-12-15 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this careful and thorough study of a Canadian field which has been relatively untouched in recent years, Dr. Brecher records and comments on the development of monetary and fiscal thinking in Canada in the inter-war period, and its impact on public policy in the federal sphere. Examining Canadian opinion about economic theory during this time, the author draws on four fields of thought: that of government and other public officials; of businessmen, such as bankers, and their views on what should be done about the depression; of the "radical group", such as those prominent in the formation of the CCF and Social Credit parties; and of economists, prominent in the universities. Dr. Brecher points out in his preface that his inquiry is rooted in the conviction that the problems associated with cyclical fluctuations remain sufficiently complex to make an understanding of the developments of the twenties and thirties an indispensable condition for effective stabilization policy. He finds the twenties distinguished only in the superficial and imperfect diagnosis of and remedial suggestions for unemployment, made chiefly by a relatively small handful of thinkers associated with the Progressive and United Farmers movements, then emerging in the West. It was the thirties which, under the impact of the depression, witnessed the first real stirrings of careful economic analysis in cyclical terms, and of statistical techniques for measuring the value of annual productive activity and income receipts in the Dominion. The author has attempted to appraise the evolution of the Canadian policy of monetary and fiscal stabilization within the thought environment in which it was conceived and implemented, and on the basis of the standards set by modern income-employment theory.
